United Capital Grows Pre-tax Profit By 29% In Q3

United Capital Plc has declared profit before tax growth of 29 per cent in its third quarter (Q3) financial period ended September 30, 2022.

The Q3 financial statement of the company for the period released on the Nigerian Exchange Limited revealed that, profit before tax grew to N9.12 billion from N7.09 billion in Q3, 2021. Also, profit after tax up by 29 per cent to N7.72 billion as against N5.97 billion recorded in 2021, while earnings per share stood at N1.71 in Q3, 2022  from N1.33 in Q3, 2021.

Gross Earnings up by 28 per cent to N14.55 billion in 2022, as against N11.33 billion in 2021. Net operating income appreciated by 21.8 per cent to N13.492 billion in 2022 from N11.077 billion in 2021, while operating expenses rose by stood at N5.740 billion in Q3, 2022, compared to N4.237 billion in Q3, 2021.

Also, the company’s total assets stood at N595.968 billion, compared to N453.60 billion as at December 2021, a growth of 31 per cent year-to-date growth as at September 30, 2022.

The shareholders’ funds declined by three per cent year-to-date to N29.62 billion in September 2022 compared to N30.55 billion in full year, 2021 due to N9 billion dividend payout during the period under review.

Speaking on the Q3 unaudited financial results, the group chief executive officer, Mr. Peter Ashade said:  “I am pleased to inform our stakeholders that United Capital achieved another outstanding performance in the third quarter of the year.

“This is a fulfilment of our commitment to our stakeholders to keep delivering enhanced returns and driving sustainable growth across all our business lines.”

Ashade stated that “in the fourth quarter of the year 2022, we expect global financial conditions to remain tight, presenting growth challenges for emerging economies.

“We remain committed to facilitating capital flows to critical sectors that drive growth and national development in our domestic economy while striving to create and preserve wealth for our clients, investors, and stakeholders amid the tough operating environment.”